And as we know, most of the design work done in the State of California is done by the professional engineers group of the State of California. They do their own in-house designs.

and as we know most of the design work done in the state of california is done by the professional engineers group of the state of california they do their own in-house designs


We also have the very -- highly variable manufacturing cost structure, which means we can quickly take actions to align our cost structure to the revenue outlook.

we also have a very highly variable manufacturing cost structure which means we can quickly take actions to align our cost structure to the revenue outlook


This team continues to amaze me, and I am so fortunate to have the opportunity to lead them as we strive to provide our customers with great products and experiences.

this team continues to amaze me and i am so fortunate to have the opportunity to lead them as we strive to provide our customers with great products and experiences


So Brad, I'll tell you that the Quintiq solution is not an office shelf solution, and as I'm digging in and learning more about that in my new role,

so brad i would tell you that the quintix solution is not an off-the-shelf solution and as i'm digging in and learning more about that in my new role


our results should reflect this dynamic despite our previously disclosed loss of a large contract within our Services segment commencing at the beginning of Q2, which we are working hard to offset with organic growth.

and our results should reflect this dynamic despite our previously disclosed loss of a large contract within our services segment commencing at the beginning of q2 which we are working hard to offset with organic growth


When I say adjusting, it can be upwards or downwards. The point being to be fully attuned to the needs expressed by our clients, the local needs,

when i say adjusting it can be upwards or downwards the point being to be fully attuned to the needs expressed by our clients the local needs


What you should understand is that if you add that volume, you cannot execute your cost-savings plans in the way we've planned for it without a consolidation.

what you should understand is that if you add that volume you cannot execute your cost savings plans in the way we've planned for it without a consolidation


which provides significant capital flexibility, quick payouts and high returns on capital, particularly when we can leverage our infrastructure advantage to keep costs low.

which provides significant capital flexibility quick payouts and high returns on capital particularly when we can leverage our infrastructure advantage to keep costs low


As a result, we are glad to report that during the last few months, we have brought on several new fuel cell customers around the globe with the majority being in China.

as a result we are glad to report that during the last few months we have brought on several new fuel cell customers around the globe with the majority being in china


We continue to believe that movements in foreign exchange rates will more than offset the continued impact of favorable fuel prices and be roughly in line with our guidance from the August earnings call. We

we continue to believe that movements in foreign exchange rates will more than offset the continued impact of favorable fuel prices and be roughly in line with our guidance from the august earnings call


and slightly higher than the first quarter of 2016. We believe this metric reflects the strength of our portfolio of events and the important role they play in the exhibitors' businesses.

and slightly higher than the first quarter of 2016 we believe this metric reflects the strength of our portfolio of events and the important role they play in the exhibitors' businesses


That is one comment. The other comment is that of course, you get -- you need to get this up to certain volume before you can start to rationalize

that is one comment the other comment is that of course you get -- you need to get this up to certain volume before you can start to rationalize


in the first quarter. We anticipate that trend line continuing the second quarter as well as the back half of the year. Comex and

in the first quarter we anticipate that trend line continuing the second quarter as well as the back half of the year comex


These statements are subject to substantial risks and uncertainties that may cause actual events or results to differ materially from current expectations.

these statements are subject to substantial risks and uncertainties that may cause actual events or results to differ materially from current expectations


We continue to see strong momentum from our European business, with Q4 closing the largest number of new client wins in the region's history.

we continue to see strong momentum from our european business with q4 closing the largest number of new client wins in the region's history


we are cognizant of a need to continue to expand our margins, so that we are able to fund our development efforts. This remains an important part of our strategic focus.

we are cognizant of the need to continue to expand our margins so that we are able to fund our development efforts this remains an important part of our strategic focus


there was in RJRT in 3Q relative to the margin that you achieved in 2Q. And I was wondering if you could just talk about

that was in rjrt in 3q relative to the margin that you achieved in 2q and i was wondering if you could just talk about


reporting our main focuses for our Investment Market mutual fund clients. As of June, our N-PORT, N-CEN solution within our ArcFiling product was made available

reporting our main focuses for our investment market mutual fund clients as of june our nport nsend solution within our arc filing product was made available


Turning to our third quarter results. There was a significant sequential improvement in our financial metrics in the quarter, driven by the transition to the new Ascension agreement

turning to our third quarter results there was a significant sequential improvement in our financial metrics in the quarter driven by the transition to the new ascension agreement


During today's call, we will refer to non-GAAP financial measures, which are intended to supplement, though not substitute for our most directly comparable GAAP measures.

during today's call we will refer to non-gaap financial measures which are intended to supplement though not substitute for our most directly comparable gaap measures


As the world's technology dependence increases and the definition of digital broadens to encompass new technologies, our market opportunity keeps expanding.

as the world's technology dependence increases and the definition of digital broadens to encompass new technologies our market opportunity keeps expanding


There is an inherent risk that our actual results could differ materially. You can find our disclosures about risk factors that can potentially contribute to such differences in our 10-K, which we are filing today.

there is an inherent risk that our actual results could differ materially you can find our disclosures about risk factors that could potentially contribute to such differences in our 10-k which we are filing today


we find ourselves increasing and increasing that New York backlog to a point I've had all of our subsidiaries have to get my approval before they bid any more work

we find ourselves increasing and increasing that new york backlog to a point i've had all of our subsidiaries have to get my approval before they bid any more work


Final question is all the stuff happening at Wells, do you anticipate that it's going to have any sort of blowback on the industry in general? And could it reflect in higher

final question is all this stuff happening at wells do you anticipate that it's going to have any sort of blowback on the industry in general and could it reflect in higher


in this year. So this factor is going to be a major factor to boost up revenue for us in the second half of this year.

in this year so this factor is going to be a major factor to boost up revenue for us in the second half of this year


the utilization. It's obviously saying something about preference for technology or at least so it would seem and maybe that's a little bit different than prior cycles or you would argue that's -- again, it's pretty much the same?

the utilization it's obviously saying something about a preference for technology or at least so it would seem and maybe that's a little bit different than prior cycles or you would argue that's -- again it's pretty much the same


We are now the only vendor that provides enterprise class protection for secrets and privileged accounts across on-premise, cloud and the new attack vectors created by the DevOps pipeline.

we are now the only vendor that provides enterprise class protection for secrets and privileged accounts across on-premise cloud and the new attack vectors created by the devops pipeline


And finally, to our Land Development and Construction segment, as I previously stated, this segment is responsible for seeking opportunistic purchases of income-producing properties

and finally to our land development and construction segment as i previously stated this segment is responsible for seeking opportunistic purchases of income-producing properties


We produced these results while maintaining a healthy balance sheet with solid leverage metrics, monetizing our deep land positions through homebuilding operations and repurchasing shares.

we produced these results while maintaining a healthy balance sheet with solid leverage metrics monetizing our deep land positions through homebuilding operations and repurchasing shares


Thank you very much everyone for joining our second quarter earnings conference call. We look forward to updating you again next quarter. You may now disconnect your line.

thank you very much for everyone for joining our second quarter earnings conference call we look forward to updating you again next quarter you may now disconnect your line


Essentially, we haven't changed our internal management targets for the year, but we have reevaluated our assumptions on how quickly this new channel will contribute to revenue.

essentially we haven't changed our internal management targets for the year but we have reevaluated our assumptions of how quickly this new channel will contribute to revenue


more business in Ladies in the fourth quarter and maybe potentially in the first quarter if you had, for example, either more winter seasonal goods or just a better balance to the assortment?

more business in ladies in the fourth quarter and maybe potentially the first quarter if you had for example either more winter seasonal goods or just a better balance to the assortment


so no change from our previous. And then, the only thing I would say is that we -- as we picked up American Chartered and the investments there, I think -- I believe we had a little bit more

so no change from our previous and then the only thing i would say is that we -- as we picked up american charter and the investments there i think i believe we had a little bit more


now. I don't want to provide any specific guidance for what we think the third quarter or the fourth quarter will be up or down in units.

i don't want to provide any specific guidance for what we think the third quarter or the fourth quarter will be up or down in units


and that gives us a lot of flexibility to be patient and focused on the best place to deploy it. So I think we're focused on it, and hopefully, we gave you a fair bit of color on how we think about where it should go.

and that gives us a lot of flexibility to be patient and focus on the best place to deploy it so i think we're focused on it and hopefully we gave you a fair bit of color on how we think about where it should go


our advisory and brokerage platforms through new workflows, new investment content, lower prices that help our advisers position themselves to differentiate and win

our advisory and brokerage platforms through new workflows new investment content lower prices that help our advisers position themselves to differentiate and win


And demographics are improving as millennials transition to their late 20s and enter the phase of life when many begin to think about purchasing a first home.

and demographics are improving as millennials transition to their late 20s and enter the phase of life when many begin to think about purchasing a first home


and I hope you enjoyed the little video that we opened with, which was just trying to give you a feel for what we've been up to the last 12 months. A lot of time on

and i hope you enjoyed the little video that we opened with which was just trying to give you a feel for what we've been up to the last 12 months a lot of time on


To this end, we've had personal assurances from DWP that the Secretary of State has not expressed concern over the continuity of the HAAS contract.

to this end we've had personal assurances from dwp that the secretary of state has not expressed concern over the continuity of the haas contract


now to delivery. Have you seen anything from a competitive standpoint as far as that impacting markets where you compete with some of the bigger QSR burger guys?

to delivery have you seen anything from a competitive standpoint as far as that impacting markets where you compete with some of the bigger qsr burger guys


This issue is now well recognized by regulators, KOLs and industry expert. But its impact remains highly unpredictable for individual patients.

this cto is now well recognized by regulators kols and industry expert but its impact remains highly unpredictable for individual patients


The cost of restructuring changes were offset by savings from our January 2014 global efficiency program and increased gains from land sales this year.

the cost of restructuring changes were offset by savings from our january 2014 global efficiency program and increased gains from land sales this year


if you exclude the single commercial credit that was subject to a Department of Justice investigation in the first quarter or 9 basis points if you include that credit.

if you exclude the single commercial credit that was subject to a department of justice investigation in the first quarter or 9 basis points if you include that credit


Our focus to a large extent is aligned to what we do in the local and traditional market. With that, the regression of share being a consequence of that.

our focus to a large extent is aligned to what we do in the local and traditional market with that regression of share being a consequence of that


while leveraging our global footprint. Our products will be the same everywhere. Importantly, all of this is complementary to the work we're doing on our safety agenda.

while leveraging our global footprint our products will be the same everywhere importantly all of this is complementary to the work we are doing on our safety agenda


between what we are seeing of the East mining tonnes and then agriculture, we can have again Yarwun running at full capacity

between what we are seeing of the east mining tons and then agriculture we can have again yarwin running at full capacity


I will now turn the call back over to Mark. Thanks, Sean. As we look forward to the remainder of the year, we expect the lodging industry results to modestly improve.

i will now turn the call back over to mark thanks john as we look forward to the remainder of the year we expect the lodging industry results to modestly improve


Thankfully, our plant in Pensacola, Florida was not significantly affected by the hurricane, and it resumed operations on October 11. Likewise, our warehouse in Marianna

thankfully our plant in pensacola florida was not significantly affected by the hurricane and it resumed operations on october 11 likewise our warehouse in mariana


Unfortunately, there was also an increase in the provision for loan loss, which was attributable to an increased effort by third parties to encourage customers to default on their timeshare loans.

unfortunately there was also an increase in the provision for loan loss which was attributable to an increased effort by third parties to encourage customers to default on their timeshare loans


that new owners don't necessarily default at any greater rate than existing owners. The reason being that existing owners typically have larger loan balances.

that new owners don't necessarily default at any greater rate than existing owners the reason being that existing owners typically have larger loan balances


With them, one can draw all of these tests from just one specimen, avoiding discomfort to the patient and the need for multiple draws to extract them for analysis.

with them one can draw all of these tests from just one specimen avoiding discomfort to the patient and the need for multiple draws to extract them for analysis


We believe these delays will be transitory, as bit growth remains very strong and device manufacturers will have to invest in additional capacity to keep up with demand.

we believe these delays will be transitory as bit growth remains very strong and device manufacturers will have to invest in additional capacity to keep up with demand


from a change in tax accounting rules for stock-based compensation as well as the continued growth of TLLP's income in proportion to Tesoro's income.

from a change in tax accounting rules for stock-based compensation as well as the continued growth of plp's income in proportion to tesoro's income


We are confident that we are well positioned to continue to successfully executing our strategy and driving increased value for our shareholders.

we are confident that we are well positioned to continue successfully executing our strategy and driving increased value for our shareholders


will come online in the fourth quarter, also as planned. It's certainly been a successful quarter on the execution front, and we're really optimistic about what's coming in terms of growth projects.

will come online in the fourth quarter also as planned it's certainly been a successful quarter on the execution front and we're really optimistic about what's coming in terms of growth projects


Outside of Las Vegas, our Aquarius property has maintained EBITDA in Laughlin, where the market experienced some decline in visitation towards the end of the year as well as tight local employment.

outside of las vegas our aquarius property has maintained ebitda at loughlin where the market experienced some decline in visitation towards the end of the year as well as tight local employment


Combining our capabilities creates good opportunities, as we further strengthen our position as a leader in steering solutions for a variety of Vehicle applications.

combining our capabilities creates good opportunities as we further strengthen our position as a leader in steering solutions for a variety of vehicle applications


Now let's turn to our second quarter results. First, we appreciate you sending in questions and have tried to address many of your questions in our prepared remarks.

now let's turn to our second quarter results first we appreciate you sending in questions and have tried to address many of your questions in our prepared remarks


We're changing the way we run our business as customers increasingly seek to place large, long-term, multiservice contracts,

we're changing the way we run our business as customers increasingly seek to place large long-term multi-service contracts


get an offer or an incentive or reward for. These are based on what the customers' preferences and prejudices are. So they were based in that way. And I should point out that some of them

get a -- offer an incentive or a reward for these are based on what the customer's preferences and prejudices are so they were based in that way and i should point out that some of them


of course, something that has to be a real concern during the manufacturing, of course, and on the safety of the product. But the QC and all the details that we are dealing with

of course something that has to be a real concern during the manufacturing of course and like the safety of the product but the qc and all the details that we are dealing with


As you know better than us, a lot of the value and option is tied to the time value. And so we're not going to take that hard one optionality away from ourselves.

as you know better than us a lot of the value of an option is tied to the time value and so we're not going to take that hard-won optionality away from ourselves


Given the uncertainty regarding the severity and duration of the market downturn, we will continue to prioritize the protection of our strong balance sheet and liquidity position.

given the uncertainty regarding the severity and duration of the market downturn we will continue to prioritize the protection of our strong balance sheet and liquidity position


Now good afternoon, everyone, and thank you for joining us today. Those of you familiar with Kura Oncology know we're committed to realizing the promise of precision medicines for the treatment of cancer.

now good afternoon everyone and thank you for joining us today those of you familiar with cur oncology know we're committed to realizing the promise of precision medicines for the treatment of cancer


Segment income and return on sales declined modestly as the impact of lower volumes were not fully offset by the continued strong productivity and pricing seen for the past several quarters.

segment income and return on sales declined modestly as the impact of lower volumes were not fully offset by the continued strong productivity and pricing seen for the past several quarters


in total, from what I had seen written, and this is over a year ago, so I don't know how the market may be progressing in Canada, but

in total from what i had seen written and this was over a year ago so i don't know how the market may be progressing in canada but


where do you see the most likely sort of volatility or maybe variability in kind of the assumptions? And what markets maybe do you have

where do you see the most likely sort of volatility or maybe variability in kind of the assumptions and what markets maybe do you have


And so it's a lot of dating. It's a lot of allowing them to understand what we have to offer versus where they are today.

and so it's a lot of dating it's a lot of allowing them to understand what we have to offer versus where they are today


Our guidance on future company performance assumes, among other things, that we don't conclude any additional business acquisitions, investments, restructurings or legal settlements.

our guidance on future company performance assumes among other things that we don't conclude any additional business acquisitions investments restructurings or legal settlements


If our actual collections turn out to be higher or lower than our established rates in the quarter that we realize , we will book the increased or decreased amount to revenue.

if our actual collections turn out to be higher or lower than our established rates in the quarter that we realize this fact we will book the increase or decreased amount to revenue


Okay. And then a separate topic, but just a question I wanted to ask because I've got a couple of questions on it yesterday. The whole group of CEOs was asked

okay and then separate topic but just a question i wanted to ask because i got a couple of questions on it yesterday the whole group of ceos was asked


gave us a better understanding about what our expectations around recoverability would be. So again, that's around multiple scopes of work, multiple levels of negotiation

gave us a better understanding about what our expectations around recoverability would be so again it's around multiple scopes of work multiple levels of negotiation


The commercial operation of the first unit in the Medupi site was part of that. Additionally, based on further experience around the erection scope of work for the cooling towers and filter products

the commercial operation of the first unit at the manupi site was part of that additionally based on further experience around the erection scope of work for the cooling towers and filter products


So in addition to specific representations of the amount of money someone is making in a given month or over a given period of time which now has to be substantiated and has to be accurate,

so in addition to specific representations of the amount of money someone is making in a given month or over a given period of time which now has to be substantiated and has to be accurate


the new ones that came on board in first quarter this year and through the remainder of the year that we continue to see our graduate student population

the new ones that came on board in the first quarter this year and through the remainder of the year that we continue to see our graduate student population


remove the effect of the net excess tax benefits recognized in the second and first quarters in connection with the new accounting guidance and the nonrecurring impact of the tax reform recognized in the first quarter.


So if you were to give some sort of a gut feel, because it's still a mixed bag in terms of weak sales in March but, on the other hand, you mentioned that you're overall

so if you were to give some sort of gut feel because it's still a mixed bag in terms of weak sales in march but on the other hand you mentioned that your overall


but you say that you're still going to open lots of stores there. I was just wondering what drives you to continue with the current store opening rate in a market where, presumably, you're not getting the returns you were expecting.

but you say that you're still going to open lots of stores there i was just wondering what drives you to continue with the current store opening rate in a market where presumably you're not getting the returns you were expecting


During 2016, we've focused on the successful implementation of significant new clients and the renewals of other key clients within our Financial Services segment,

during 2016 we have focused on the successful implementation of significant new clients and the renewals of other key clients within our financial services segment


and credit to the employees who have worked on the businesses that we have been divesting to continue those business going and the employees in the tech-focused business,

and credit to the employees who have worked on the businesses that we have been divesting to continue those business going and the employees in the tech focus business


is a key differentiator, which is only made possible by our culture of ongoing relentless focus on efficiency.

is a key differentiator which is only made possible by our culture of ongoing relentless focus on efficiency


so you get basically a beneficial impact on the fourth quarter cost of risk, but that's kind of -- that would have been spread out through the whole of 2017, but you took it all in the fourth quarter?

so you get a -- basically a beneficial impact on the fourth quarter cost of risk but that's kind of -- that would have been spread out through the whole of 2017 but you took it all in the fourth quarter


we would expect to take several steps to help qualify as a REIT, including selling certain non-real estate related assets and moving other non-real estate related assets into taxable REIT subsidiaries.

we would expect to take several steps to help qualify as a reit including selling certain non-real estate related assets and moving other non-real estate related assets into taxable reit subsidiaries


but not necessarily much different beyond that. So yes, it would pay probably take a little longer to ramp just because of the size, the physical tonnage and the size of what would be done there,

but not necessarily much different beyond that so yes it would probably take a little longer to ramp just because of the size the physical tonnage and the size of what would be done there


As we work to close out the second year of this transformative chapter, as we work to protect this house, we are steadfast in the challenge of becoming better at every turn.

as we work to close out the second year of this transformative chapter as we work to protect this house we are steadfast in the challenge of becoming better at every turn


As part of our efforts to optimize our tire assortment, we are also looking towards expanding our tire offering with the introduction of new high-margin branded tires in the fourth quarter

as part of our efforts to optimize our tire assortment we are also looking towards expanding our tire offering with the introduction of new high-margin branded tires in the fourth quarter


Revenue per episode for the second quarter declined by 1.6%, largely owing to the Medicare rate cuts that became effective at the beginning of the year

revenue per episode for the second quarter declined by 1 6% largely owing to the medicare rate cuts that became effective at the beginning of the year


Yes, this one is a little bit different. With the Cargill acquisition, we fed their cattle and got paid a fee to do that. With the Bartlett acquisition, as of right now we own all the cattle in the lots,

yes this one is a little bit different with the cargo acquisition we fed their cattle and got paid a fee to do that with the bartlett acquisition as of right now we own all the cattle in the lots


and down in Texas, is that we both believe in the JV we can enhance the profitability through pushing our own volumes through as well as keeping third-party volumes flowing as well.

and down in texas is that we both believe in the jv we can enhance the profitability through pushing our own volumes through as well as keeping third-party volumes flowing as well and


My second question is for fourth quarter, if you're launching all these platforms, is there going to be an extra cost to getting the slotting and the promotion behind that?

my second question is for fourth quarter if you're launching all these platforms is there going to be an extra cost to getting the slotting and the promotion behind that


During today's call, we will make forward-looking statements that reflect the company's current expectations about future plans and performance. These statements rely on assumptions and estimates,

during today's call we will make forward-looking statements that reflect the company's current expectations about future plans and performance these statements rely on assumptions and estimates


we expect significant opportunities over the next several years as many states will look to procure solutions to improve healthcare outcomes for those individuals while reducing costs.

we expect significant opportunities over the next several years as many states will look to procure solutions to improve health care outcomes for those individuals while reducing costs


We're not looking to grow at any cost, and we plan on being disciplined and methodical in our decision-making process. But make no mistake, we are a growth company.

we are not looking to grow at any cost and we plan on being disciplined and methodical in our decision-making process but make no mistake we are a growth company


I commented in my formal comments that there remains more trailers in the system that are exceed 15 years old

i commented in my formal comments that there remains more trailers in the system that are exceed 15 years old


I compliment the team on these efforts. More recently, quote activity has picked up and we now need to see those quotes get converted to orders.

i complement the team on these efforts more recently quote activity has picked up and we now need to see those quotes get converted to orders


The EBIT, which is relevant for the dividend payment, will come in several hundred million euros higher than the adjusted EBIT we use for our forecast.

the ebit which is relevant for the dividend payment will come in several hundred million euros higher than the adjusted ebit we use for our forecast


We are working closely with several customers on new catalysts for these units, and expect good growth over the next 2 to 3 years, as these plants reach full utilization.

we are working closely with several customers on new catalysts for these units and expect good growth over the next 2 to 3 years as these plants reach full utilization


With that fresh in your mind, today's call will focus on the third quarter results, some business updates, including actions we are taking with recent power weaknesses.

with that fresh in your mind today's call will focus on the third quarter results some business updates including actions we are taking with recent power weaknesses


The remaining revenues relate to a combination of gas and diesel engine platforms with only a small portion of those sales applicable to diesel platforms.

the remaining revenues relate to a combination of gas and diesel engine platforms with only a small portion of those sales applicable to diesel platforms


The number of total subscriptions on the left grew fourfold in 3 years to 24 million since we signed a joint

the number of total subscriptions on the left grew four-fold in 3 years to 24 million since we signed a joint


let me say, a specific industry zone, very close to the airport that is offering us opportunities that are absolutely comparable to normal European

let me see specific industry zone very close to the airport that is offering us opportunities that are absolutely comparable to normal european


versus on the arterial side where many of the other products work. We -- based on comments from the physicians we've spoken with, that's an important advance in treating

versus on the arterial side where many of the other products work we based on comments from the physicians we've spoken with that that's an important advance in treating


But as you look out into Q2, Q3, do you see an opportunity to take some net price here on top of whatever wage inflation you may experience?

but as you look out into q2 q3 do you see an opportunity to take some net price here on top of whatever wage inflation you may experience


then that will make it easier to manage labor expenses just because you'll have more of that revenue to work with. And in terms of rate,

then that will make it easier to manage labor expenses just because you'll have more of that revenue to work with and in terms of rate


In the industrial sector, we remain excited about our industrial ceramic opportunities. In order to continue this growth, we are pursuing product trials with potential clients around the world.

in the industrial sector we remain excited about our industrial ceramic opportunities in order to continue this growth we are pursuing product trials with potential clients around the world


And with those words, thank you so much. We're hosting our Capital Markets Day later today, and I hope you'll join us either here in person or online.

and with those words thank you so much we're hosting our capital markets day later today and i hope you'll join us either here in person or online


Results for the quarter improved primarily due to higher base rates, volume growth and a favorable net impact from fuel at each of our transportation segments.

results for the quarter improved primarily due to higher base rates volume growth and a favorable net impact from fuel at each of our transportation segments


We have been generally opportunistic and generally patient with growing the company although, I guess, in the last couple of years we moved pretty quickly in that regard.

we have been generally opportunistic and generally patient with growing the company although i guess in the last couple of years we've moved pretty quickly in that regard


our per sub rate is at the high end of this industry, and I don't think we would be able to boast that if we did not have high-quality stations,

our per sub rate is at the high end of this industry and i don't think we would be able to boast that if we did not have high-quality stations


I think some of these lessons have been expensive. I fully understand that, but I believe the organization is a lot stronger than it was 18 months ago

i think some of these lessons have been expensive i fully understand that but i believe the organization is a lot stronger than it was 18 months ago


hour of content streamed, which is what's the positive impact on margin. That'll eventually flip at some point, but we expect to be able to still maintain that,

hour of content streamed which is what's the positive impact on margin that will eventually flip at some point but we expect to be able to still maintain the


In fact, I rarely run into the Focus and HighTowers of the world, occasionally I do, but a lot of the firms they're looking at just have very different characteristics from

in fact i rarely run into the focus in hightowers of the world occasionally i do but a lot of the firms they're looking at just very different characteristics from


and second, temporary disruptions in the capital markets stopped some of our investors from refinancing their portfolios and temporarily made some high-yield bond investments more attractive.

and second temporary disruptions in the capital markets stopped some of our investors from refinancing their portfolios and temporarily made some high-yield bond investments more attractive


I think you can use that same example going forward. So where we see opportunities, we'll expand either the banner or assortment or our company offerings to our customers to create a much bigger marketplace.

i think you can use that same example going forward so where we see opportunities we'll expand either the banner or assortment or company offerings to our customers to create a much bigger marketplace


But -- especially with the ability through online, to be able to completely see our assortments is extremely important. As we get to know the customer better,

but especially with the ability through online to be able to completely see our assortments is extremely important as we get to know the customer better


Second, we are focused on improving our project execution and risk management. We're exploring and implementing a number of ways to generate greater efficiencies at the execution level,

second we are focused on improving our project execution and risk management we're exploring and implementing a number of ways to generate greater efficiencies at the execution level


We believe this transaction positions Biogen to be at the forefront of Alzheimer's research in terms of both, mechanisms of ACTION and time to market.

we believe this transaction positions biogen to be at the forefront of alzheimer's research in terms of both mechanisms of action and time to market


Our best guess is that we will begin earning management fees from Opps Xb based on its total committed capital as opposed to the amount that has been drawn

our best guess is that we will begin earning management fees from opps 10b based on its total committed capital as opposed to the amount that has been drawn


could not be taken into consideration in 2017. This deferred tax benefit will only be recognized on the completion of the transaction as part of the overall profit

could not be taken into consideration in 2017 this deferred tax benefit will only be recognized on the completion of the transaction as part of the overall profit


That expertise is pivotal in earning the trust of larger multinationals, and our capacity to deliver is winning new business every quarter.

that expertise is pivotal in earning the trust of larger multinationals and our capacity to deliver is winning new business every quarter


from an audit and security perspective on the security of their data. I think we've talked about -- I think at any given point, we have 5 to 6 clients

from an audit and security perspective on the security of their data i think we've talked about i think at any given point we have 5 to 6 clients


outside of the legal and consulting fees, that will come and go as we work on various projects, there's really nothing unusual in there. Just last year was abnormal though.

outside of the legal and consulting fees that will come and go as we work on various projects there's really nothing unusual in there just last year was abnormal though


In contrast, last year's second quarter had an unusually large proportion of architectural panel sales, which made for a difficult comparison at the margin line this quarter.

in contrast last year's second quarter had an unusually large proportion of architectural panel sales which made for a difficult comparison at the margin line this quarter


to be able to start entertaining the discussion with agents -- agencies or at least knowing what we need to do in the next step to bring home a definitive answer in the nephrotic FSGS. So

to be able to start entertaining the discussion with agencies or at least knowing what we need to do in the next step to bring home a definitive answer in nephrotic fsgs so


This obviously takes time and traditionally a lot of money because of our unique partnership we can afford a marketing campaign that otherwise would have cost tens of millions of dollars.

this obviously takes time and traditionally a lot of money because of our unique partnership we can afford a marketing campaign that otherwise would have cost tens of millions of dollars


focus on the Reprographics, the plan printing work that we normally get, we also focus on other services that goes into a project. Whether it's on the project site or

focus on the ripper graphics the planned printing work that we normally get we also focus on other services that goes into a project whether it's on the project site or


our deployment of capital, appreciation of our existing portfolio and realizations from exits. Let me talk about each in turn. With respect to deployment,

our deployment of capital appreciation of our existing portfolio and realizations from exits let me talk about each in turn with respect to deployment


we still don't really understand that. How do you approach it and are you going to continue to focus on BBR or will you expand out your cyber coverage?

we still don't really understand that how do you approach it and are you going to continue to focus on bbr or will you expand out your cyber coverage


Such forward-looking statements are qualified by the inherent risks and uncertainties surrounding future expectations generally and may materially differ from actual future

such forward-looking statements are qualified by the inherent risks and uncertainties surrounding future expectations generally and may materially differ from actual future


Results were negatively impacted by the lower volume and light manufacturing productivity which did not offset inflation and other cost changes as well as higher pension cost.

results were negatively impacted by the lower volume and light manufacturing productivity which did not offset inflation and other cost changes as well as higher pension costs


for innovation even for distribution is quite good. So you're just going to have to take it on faith that we've got good business plans and we're executing against it. It doesn't mean we can't be wrong on the 2% to 4% outlook.

for innovation even for distribution is quite good so you're just going to have to take it on faith that we've got good business plans and we're executing against it that doesn't mean we can't be wrong on the 2 to 4 outlook


will be down as well due to the refi, and Bill will talk about that in a second. I'll turn the call over to Bill to expand on these areas and to explain -- further explain the financial results.

will be down as well due to the refi and bill will talk about that in a second i'll turn the call over to bill to expand on these areas and to further explain the financial results


With respect to the DOL fiduciary rule, we have completed the evaluation of our business model and are implementing changes as needed in order to comply with the new regulations.

with respect to the dol fiduciary rule we have completed the evaluation of our business model and are implementing changes as needed in order to comply with the new regulations


and the second is just the technology resources attaching to these programs. But I think it's more the former in getting the program just right. I think it's a

so -- and the second is just the technology resources attaching to these programs but i think it's more the former in getting the program just right i think it's a


So I'm just wondering, it's nice growth, but does there come a point where you want to slow mortgage fees down just because they get to be too big of a percentage of

so i'm just wondering it's nice growth but does there come a point where you want to slow mortgage fees down just because they get to be too big of a percentage of


We are well prepared for a variety of future economic scenarios. And we will continue to manage risk in a prudent and in a responsible manner.

we are well prepared for a variety of future economic scenarios and we will continue to manage risk in a prudent and in a responsible manner


there was a little bit more business that you were picking up in the shorter term that you hadn't picked up before that made the difference, and it sounds like

there was a little bit more business that you were picking up in the shorter term that you hadn't picked up before that made the difference and it sounds like


What does that look like and what do I get on a net total reach basis? And so the Total Audience Measurement system, like the one that we're building and delivering to the marketplace,

what does that look like and what do i get on a net total reach basis and so a total audience measurement system like the one that we're building and delivering to the marketplace


Now in the digital world, independence often comes up as captive metrics. If a publisher has this incredible level of detail about the activity happening on their particular site,

now in the digital world independence often comes up as captive metrics if a publisher has an incredible level of detail about the activity happening on their particular site


including the requirement to send out Schedule K-1s. We expect that this alone will result in annual savings to our company and make owning our shares a little less burdensome.

including the requirement to send out schedule k-1s we expect that this alone will result in annual savings to our company and make owning our shares a little less burdensome


Secondly, with more liquid shares as currency, we believe that we can more efficiently pursue selective acquisitions and continue to broaden and deepen our platform.

secondly with more liquid shares as currency we believe that we can more efficiently pursue selective acquisitions and continue to broaden and deepen our platform


On the external accounts front, the level of current account deficit continues to be favored by both the higher price of oil and somewhat of a pickup in nontraditional exports.

on the external accounts front the level of current account deficit continues to be favored by both the higher price of oil and somewhat of a pickup in nontraditional exports


I just want to understand how much advantage you'll still have in BAW. Remember my definition of a sustainable franchise? We don't stop investing.

just want to understand how much advantage you'll still have in baw oh remember my definition of a sustainable franchise we don't stop investing


increase. Difficult to quantify the absolute overall impact on same-store sales, but we have seen of those guests that are ordering Kids Meals, that they are coming a little bit more frequently.

increase difficult to quantify the absolute overall impact on same-store sales but we have seen of those guests that are ordering kids' meals that they are coming a little bit more frequently


did go on SPINRAZA. Now given that this was after completion of our trial, I do not have any insights into any other safety or efficacy data that may have been observed

did go on spinraza now given that this was after completion of our trial i do not have any insights into any other safety or efficacy data that may have been observed


how we spend our resources, because right now we can see for the third quarter and the fourth quarter, difficult times are ahead.

how we spend our resources because right now we can see for the third quarter and the fourth quarter difficult times are ahead


But I will go back to say this, I think we did this to ourselves and we created that situation. I still think you can be successful as a public market company,

but i will go back to say this i think we did this to ourselves and we created that situation i still think you can be successful as a public market company


We tend to have more visibility in the back half of the year in terms of onboarding new customers. So if you look at the mix of revenue just because of the seasonal aspect of the business,

we tend to have more visibility in the back half of the year in terms of onboarding new customers so if you look at the mix of revenue just because of the seasonal aspect of our business


We will be presenting at the KeyBanc Global Technology Leadership Forum in Vail on August 8. The 20th Annual Oppenheimer Technology Internet

we will be presenting at the keybank global technology leadership forum in vail on august 8 the 20th annual oppenheimer technology internet


or Meritor will provide those services to companies like the Peterbilt or any other commercial vehicle manufacturer that needs support on integrating these systems.

meritor will provide those services to companies like the peterbilt or any other commercial vehicle manufacturer that needs support on integrating these systems


becoming more rational. Competitors will no longer apply the low-cost prices. They're not -- they can't afford to sell below cost, and I think this is

becoming more rationale competitors will no longer apply the low cost prices they're not -- they can't afford to sell below cost and i think this is


Looking forward, further losses are anticipated from the derisking activity, but we remain within the targeted cost we communicated to the market last October.

looking forward further losses are anticipated from the derisking activity but we remain within the targeted cost we communicated to the market last october


In motorcycle business operations, the positive impact of an increase in consolidated unit sales was more than offset by the negative impact of ForEx translation effects,

in motorcycle business operations the positive impact of an increase in consolidated unit sales was more than offset by the negative impact of forex translation effects


and I want to drive home the point that our total revenue guidance reflects our best estimate as of today as to the pace at which the services revenue will roll off to our partners.

and i want to drive home the point that our total revenue guidance reflects our best estimate as of today as to the pace at which the services revenue will roll off to our partners


streaming from a lot of places. So one of the things we want to do is figure out a way to leverage that brand. And it may be a series of concerts. It may be a whole host of other things.

we get streaming from a lot of places so one of the things we want to do is figure out a way to leverage that brand and it may be a series of concerts it may be a host of other things


While the company may elect to update these forward-looking statements at some point in the future, Accretive Health specifically disclaims any obligation to do so to reflect the actual results or changes in factors or assumptions

while the company may elect to update these forward-looking statements at some point in the future accurev health specifically disclaims any obligation to do so to reflect actual results or changes in factors or assumptions


just looking at this with the kind of yield that we're trading at right now, it just didn't make any sense to us to continue to have that overhang out there on

just looking at this with the kind of yield we're trading at right now it just didn't make any sense to us to continue to have that overhang out there on


We continue in negotiations on 3 major claims, have received significant offers on 2 of them, although not adequate.

we continue in negotiations on 3 major claims have received significant offers on 2 of them although not adequate


I guess, your -- does it imply to us that your equipment is in great shape and really doesn't take much to bring out of the yard? Or is there something else going on that enables you to have a lower cost?

i guess your -- does it imply to us that your equipment is in great shape and really doesn't take much to bring out of the yard or is there something else going on that enables you to have a lower cost


This complementary acquisition provides us with the opportunity to accelerate our strategy, and after much study of the opportunities available to us,

this complementary acquisition provides us with the opportunity to accelerate our strategy and after much study of the opportunities available to us


we were able to deliver record Q4 and full year adjusted EBITDA. We also demonstrated the ability to further expand margins,

we were able to deliver record q4 and full year adjusted ebitda we also demonstrated the ability to further expand margins


operations and things like that, but also how we present ourselves to clients in the consulting community. So we do have a year of consolidation work to do, which is never easy in these businesses.

operations and things like that but also how we present ourselves to clients in the consulting community so we do have a year of consolidation work to do which is never easy in these businesses


at 4%., you can do the math as to even if you max the leverage ratio out to some number that I don't think we're remotely close to talking about here,

you can do the math as to even if you max the leverage ratio out to some number that i don't think we're remotely close to talking about here


we've built backlog, our sales efforts are strong and the drag from legacy products and services should moderate going forward as those products approach run rate levels.

we've built backlog our sales efforts are strong and the drag from legacy products and services should moderate going forward as those products approach run rate levels


The impact of redirecting a large number of small ESCO partners was felt on the revenue line but should be more than made up by new agency partners over time.

the impact of redirecting a large number of small esco partners was felt on the revenue line but should be more than made up by new agency partners over time


This wasn't the case in our fiscal 2016 as the back half slowed due to the industrial sector slowdown. But it's more along the lines of what we had expected on a normal year.

this wasn't the case in our fiscal 2016 as the back half slowed due to the industrial sector slowdown but it's more along the lines of what we had expected in a normal year


While we don't have specifics to share today, I can tell you that I've challenged the team to go deeper than we have in the past and to think differently about our business. And they're delivering.

while we don't have specifics to share today i can tell you that i challenged the team to go deeper than we have in the past and to think differently about our business and they are delivering


Two questions on Asia, one on China. Just curious what you guys are doing to try and drive penetration while we wait for the quota. Are you better off waiting for the government

good afternoon guys thanks two questions on asia one on china just curious what you guys are doing to try and drive penetration while we wait for the quota are you better off waiting for the government


In addition, we are using our switching platform to develop enhanced consumer features without paying licensing fees to third parties.

in addition we are using our switching platform to develop enhanced consumer features without paying licensing fees to third parties


just to mention one, we might have additional potential upside coming from the new regulation which is foreseen to be finalized by November this year.

just to mention one we might have additional potential upside coming from the new regulation which is foreseen to be finalized by november this year


you heard in the comments earlier. I think what we described is that our aggregate commodity inflation net of sourcing activities was about 1% of our consolidated

you heard in the comments earlier i think what we described is that our aggregate commodity inflation net of sourcing activities was about 1% of our consolidated


After the unpredictable events in 2016, this year promises to be more of the same. The upheaval and accelerated change I talked about before

after the unpredictable events in 2016 this year promises to be more of the same the upheaval and accelerated change i talked about before


Streamlined modification programs are beneficial, because they eliminate income documentation requirements and move borrowers directly into a trial modification after their first payment is made.

streamlined modification programs are beneficial because they eliminate income documentation requirements and move borrowers directly into a trial modification after the first payment is made


Besides, there are some patent barriers and technology barriers. Our strategy is heading to automation and complete sets.

besides there are some patent barriers and technology barriers our strategy is heading to automation and complete sets


I hope our recent track record has given you confidence that the company is moving in the right direction and can meet and exceed our goals.

i hope our recent track record has given you confidence that the company is moving in the right direction and can meet and exceed our goals


results of operations and financial condition to differ materially from results of operations and financial conditions expressed or implied by forward-looking statements made during the call.


Any statements made in this presentation about future operating results or other future events are forward-looking statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act

any statements made in this presentation about future operating results or other future events are forward-looking statements under the safe harbor provisions of the private securities litigation reform act


We are developing best practices and have created methods to effectively spread measurable improvements across our national footprint.

we are developing best practices and have created methods to effectively spread measurable improvements across our national footprint


and there may be some continuation in the third and fourth quarter. We expect that the revenue momentum of the business will serve to offset some of that as well as cost control across the board.

and there may be some continuation in the third and fourth quarter we expect that the revenue momentum of the business will serve to offset some of that as well as cost control across the board


As you know, JDE is a private company so we won't share significant detail on their results or projections. JDE management expects performance to be pressured this year

as you know jde is a private company so we won't share significant detail on the results or projections jde management expects performance to be pressured this year


which showed a survival advantage for sepsis patients treated with ZADAXIN. We expect that data should be available in about 3 years.

which showed a survival advantage for sepsis patients treated with cefazolin we expect that data should be available in about 3 years


In conclusion, we are continuing to execute our strategic plan, and we are pleased with the sound progress accomplished to this day.

in conclusion we are continuing to execute our strategic plan and we are pleased with the sound progress accomplished to this day


an ideal platform as those of you who visited will have seen to acquire in our smaller businesses in this area. We have good management team in Millbrook who are

an ideal platform as those of you who visited will have seen to acquire now smaller businesses in this area we have good management team in millbrook who are


It's worth noting that this is the last quarter in which results were impacted by expired Martha Stewart legacy licenses indicated in last year's results.

it's worth noting that this is the last quarter in which results were impacted by expired martha stewart legacy licenses indicated in last year's results


The decrease was driven by a lower contribution from net investment spread results, partially offset by more favorable case experience and higher full service fee income.

the decrease was driven by a lower contribution from net investment spread results partially offset by more favorable case experience and higher full service fee income


of your end markets. Can you just clarify where you continue to see strength versus where the slowdown has occurred in the server storage businesses?

of your end markets can you just clarify where you continue to see strength versus where the slowdown has occurred in the server storage businesses


And then third, expand the market principally by commercializing the optimal dose therapy after the completion of clinical testing and regulatory approval

and then third expand the market principally by commercializing the optimal dose therapy after the completion of clinical testing and regulatory approval


That is the primary driver of what would change the CapEx. As we get later in the year, we start to understand what projects are going to get completed in the year, what

that is the primary driver of what would change the capex as we get later in the year we start to understand what projects are going to get completed in the year what


this iconic geography of that area and how we tackle that. So there's sort of examples of good old innovation and supporting that through the brand activity.

the cyclonic geography of that area and how we tackle that so they're sort of examples of good old innovation and supporting that through the brand activity


These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that the company -- that may cause the company's actual results or achievements

these forward-looking statements are subject to known and unknown risks uncertainties and assumptions that the company -- that may cause the company's actual results or achievements


We are very pleased that we have been able to deliver on that promise. From a financial point of view, key elements to making that happen were expanding net interest margin,

we're very pleased that we have been able to deliver on that promise from a financial point of view key elements to making that happen were expanding net interest margin


During this quarter, we decided to delay the building of certain long lead time projects in order to take advantage of new product enhancements in our module design.

during this quarter we decided to delay the building of certain long lead time projects in order to take advantage of new product enhancements in our modular design


Thank you for taking time from your busy schedule to be on our call today. We do appreciate your interest in Air Products.

thank you for taking time from your busy schedule to be on our call today we do appreciate your interest in air products


We keep operational profitability margin expectations intact, and in addition, I'll remind you that we continue operating in a very dynamic and competitive environment.

we keep our operational profitability margin expectations intact and in addition i remind you that we continue operating in a very dynamic and competitive environment


We're looking forward to working with the Atairos team and finding ways to combine Groupon's local expertise with Comcast's vast subscriber and advertiser network. With that, I'll turn the call over to Brian.

we're looking forward to working with the atarios team and finding ways to combine groupon's local expertise with comcast's vast subscriber and advertiser network with that i'll turn the call over to brian


and Retail Branding and Information Solutions is making good progress both financially and strategically, delivering solid top line growth and margin expansion,

and retail branding and information solutions is making good progress both financially and strategically delivering solid top line growth and margin expansion


that we see in almost all of our networks between the speed of the service we provide to a home and the amount of consumption that, that home has.

that we see with -- in almost all of our networks between the speed of the service we provide to a home and the amount of consumption that that home has


market profile. Hence, a lot of focus on that part. The other thing, I want to follow up on the earlier question. Another reason we really do like this

market profile hence a lot of focus on our part the other thing i want to follow up on the earlier question another reason we really do like this


we really look forward to providing you with more color on that next quarter. We are getting down to kind of the blocking and tackling phase. There are some big deals that we're working on to

we really look forward to providing you with more color on that next quarter we are getting down to kind of the blocking and tackling phase there are some big deals that we're working on to


We continue to build out our senior management and technical talent on a global basis. We believe these accomplishments position us well for continued growth.

we continue to build out our senior management and technical talent on a global basis we believe these accomplishments position us well for continued growth


With that, let me turn the time over to Ryan, and then Mark will provide additional detail on our financial statements and projections. Ryan? Thanks, Ritch, and good afternoon, everybody.

with that let me turn the time over to ryan and then mark will provide additional detail on our financial statements and projections ryan thanks rich and good afternoon everybody


I couldn't be happier with the progress to date and the current state of the assets, which, upon visit, are in excellent shape with full parking lot, heavy foot traffic and great sales volume.

i couldn't be happier with the progress to date and the current state of the assets which upon visit are in excellent shape with full parking lots heavy foot traffic and great sales volume


is going to have to make sure that the documentation interface with the MACs are perfect. The good news is

is going to have to make sure that the documentation interface with the macs are perfect the good news is


We'd like to remind you that today's presentation may contain forward-looking statements, which are based on management's current expectations and are subject to uncertainty and changes in circumstances.

we'd like to remind you that today's presentation may contain forward-looking statements which are based on management's current expectations and are subject to uncertainty and changes in circumstances


In recent months, however, we have been able to facilitate agreements to reverse that flow south, delivering more gas for domestic users in the southeastern part of the country.

in recent months however we have been able to facilitate agreements to reverse that flow south delivering more gas for domestic users in the southeastern part of the country


I know that there are some additions here and there, but the teams that had to be put together for the new projects, are they all already in place

i know that there are some additions here and there but the teams that had to be put together for the new projects are they all already in place


I was just wondering, as you look at the portfolio and if you look at the organic growth, is there one particular market that you feel is holding you back? Or does it just come down to these large projects

i was just wondering as you look at the portfolio and if you look at the organic growth is there one particular market that you feel is holding you back or does it just come down to these


These increases reflect recovery on multiple years of smart meter and other capital investments meant to improve the reliability of the grid across all the PHI jurisdictions.

these increases reflect recovery on multiple years of smart meter and other capital investments meant to improve the reliability of the grid across all the phi jurisdictions


And so I don't think there's any single thing that's going on in the business that you would identify in saying this is truly a

and so i don't think there's any single thing that's going on in the business that you would identify and saying this is truly a


And so to speak to Engineered Components, we did see a slowdown in terms of organic sales in the quarter in the low single digits.

and so to speak to engineered components we did see a slowdown in terms of organic sales in the quarter in the low single digits


The group continues to demonstrate its capabilities in managing closed funds efficiently and effectively for the benefit of customers and shareholders.

the group continues to demonstrate its capabilities in managing closed funds efficiently and effectively for the benefit of customers and shareholders


Is there an expectation that you would see new operators come in and do refrac? Or would it just be simply taking over the properties and trying to optimize what's there today?

is there an expectation that you would see new operators come in and do refrac or would it just be simply taking over the properties and trying to optimize what's there today


and who are now gearing up to the same thing again for the next chapter of our journey, our digital transformation, over the next 4 years.

challenge and we are now gearing up to the same thing again for the next chapter of our journey our digital transformation over the next 4 years


is pretty flexible and it's highly dependent on the sales absorptions we're seeing in our currently open communities and then often just our ability to bring new communities online because there's a lot of moving parts.

is pretty flexible and it's highly dependent on the sales absorptions we're seeing in our currently open communities and then also just our ability to bring new communities online because there's a lot of moving parts


the reduction in volume is making it increasingly difficult to maintain this investment while still driving to meet the objective of returning the company to profitability as soon as possible.


basis points. Is that something that you guys might to be prepared to talk about, what you would -- you sort of your wake up in the morning negative mix, whether it's

basis points is that something that you guys might be prepared to talk about what you -- sort of your wake up in the morning negative mix whether it's


The annual same-store decline was driven by an average occupancy reduction of 50 basis points, the beat to our guidance related to signing leases earlier in the quarter than budgeted.

the annual same-store decline was driven by an average occupancy reduction of 50 basis points the b to our guidance related to signing leases earlier in the quarter than budgeted


for the full year of fiscal 2018. We estimate our ongoing annual capital expenditure requirements to be approximately 2% of annual sales.

for the full year of fiscal 2018 we estimate our ongoing annual capital expenditure requirements to be approximately 2% of annual sales


Our employees are responding positively to this change, which offers greater opportunity for professional growth, including enhanced pay-for-performance.

our employees are responding positively to this change which offers greater opportunity for professional growth including enhanced pay-for-performance


in the trading companies and Chinese paper producers is coming down. And sometime, new purchases will have to be made.

in the trading companies and chinese paper producers is coming down and sometime new purchases will have to be made


We're in '17 focusing on the European booked clients, and then we will take care of the Asian clients. On the discretionary side, you've seen we've

we're in '17 focusing on the european booked clients and then we will take care of the asian clients on the discretionary side you've seen we've


When you think -- you gave us a lot of prospects for next year, but do you think next year it sort of really ramps up versus this year given sort of some market improvement but also

when you think -- i mean you give us a lot of prospects for next year but do you think next year sort of really ramps up versus this year given sort of some market improvement but also


A potentially positive consideration is that tariffs implemented on products imported from China and South Africa could serve to eventually moderate the price pressure

a potentially positive consideration is that tariffs implemented on products imported from china and south africa could serve to eventually moderate the price pressure


Confirming the strengthening demand, our lead times for plate products have expanded from approximately 10 weeks earlier in the year to approximately 20 weeks.

confirming the strengthening demand our lead times for plate products have expanded from approximately 10 weeks earlier in the year to approximately 20 weeks


we'll talk to the board near the end of this year about what we want to do. This is why we also want to see how we come out of the summer and what our cash position looks like. And then, I think, by the end of this year,

we'll talk to the board near the end of this year about what we want to do this is why we also want to see how we come out of the summer and what our cash position looks like and then i think by the end of this year


As of February 29, 2016, we are in compliance with all of our financial covenants through that date and expect to remain in compliance for the foreseeable future.

as of february 29 2016 we are in compliance with all of our financial covenants through that date and expect to remain in compliance for the foreseeable future


Despite the slight decline in sales, our gross profit dollars were equal to the prior year as a result of improved product mix and margin management initiatives.

despite the slight decline in sales our gross profit dollars were equal to the prior year as a result of improved product mix and margin management initiatives


But it's not simply putting feet on the street. In addition to hiring these new personnel, we focused on equipping existing employees with the necessary tools and training

but it's not simply putting feet on the street in addition to hiring these new personnel we've focused on equipping existing employees with the necessary tools and training


contained in the press release that we issued yesterday afternoon as well as in our filings with the SEC. In addition, some comparisons will refer to non-GAAP measures.

contained in the press release that we issued yesterday afternoon as well in our -- as in our filings with the sec in addition some comparisons will refer to non-gaap measures


Our value creation journey from scientific discovery to setting new standards of care in modern medicine is taking a huge and next step forward.

our value creation journey from scientific discovery to setting new standards of care in modern medicine is taking a huge and next step forward


Statements are valid only as of today's date and the company disclaims any obligation to update this information, except maybe required by applicable law.

statements are valid only as of the date's date and the company disclaims any obligation to update this information except maybe required by applicable law


that more than 60% of our capital commitments come from investors that are in 6 or more of our funds. I think, second of all, we continue to see new investors come to the platform.

that more than 60% of our capital commitments come from investors that are in 6 or more of our funds i think second of all we continue to see new investors come to the platform


category and this is also where we are capacity-constrained. So Shelby will give us that extra capacity to be able to meet those customer commitments. And as we indicated,

category and this is also where we are capacity constrained so shelby will give us that extra capacity to be able to meet those customer commitments and as we indicated


I would tell you we take that very seriously at a management level and at a board level with regard to making large capital investments and how we look at the risks, how we'll manage through it.

i would tell you we take that very seriously at a management level and at a board level with regard to making large capital investments and how we look at the risk how we manage through it


But hopefully, we can accelerate that. But I think the volume piece of that comes -- depends on how quickly the operations stabilize and we can get that on and running.

but hopefully you can accelerate that but i think the volume piece of that comes depends on how quickly the operations stabilize and we can get that on and running


that's -- that shows you that we're still learning a great deal about how to use this as monotherapy. Combinations -- a lot of combinations appear to be showing

that shows you that we're still learning a great deal about how to use this as monotherapy combinations -- a lot of combinations appear to be showing


we compete in 9 major categories. And in 3 of those 9, private label is a major competitor such as to put it in perspective.

we compete in 9 major categories and in 3 of those 9 private label is a major competitor so just to put it in perspective


and this is because we place such strong emphasis on innovation, staying tight on our price gaps and continuing to invest heavily in brands that consumers love.

and this is because we place such strong emphasis on innovation staying tight on our price gaps and continuing to invest heavily in brands that consumers love


we have 2 effects. We have the one effect that we have stockpiled a couple of anodes here and there because we had some smaller maintenance issues,

we have 2 effects we have the one effect that we have stockpiled a couple of annals here and there because we had some smaller maintenance issues


We're not planning any specific price increase right now but at some point over time, we'll need to pass on some of the higher cost. But we believe we'll be able to do that. And then that along with leverage from the higher sales, that along with

we're not planning any specific price increase right now but at some point over time we'll need to pass on some of the higher costs but we believe we'll be able to do that and then that along with leverage from the higher sales that along with


And that is the last 20 years of record growth and profitability. We have now completed 20 years as a banking organization since we opened up here in Conway, Arkansas.

and that is the last 20 years of record growth and profitability we have now completed 20 years as a banking organization since we opened up here in conway arkansas


As part of the management process, the company has taken the decision to close a number of underperforming businesses, which is reflected in the unusual items for the period.

as part of the management process the company has taken the decision to close a number of underperforming businesses which is reflected in the unusual items for the period


You did talk about your dealerships and how they are outperforming the market in terms of margin. Can you talk about how they're performing in terms of sales? For first half,

you did talk about your dealerships and how they're outperforming the market in terms of margin can you talk about how they're performing in terms of sales like first half


lowered a couple of times over the years with the addition of more freestanding stores and long-term leases, triple net leases and whatnot, so I was just wondering what drove the decision to increase that?

lowered a couple of times over the years with the addition of more freestanding stores and long-term leases triple net leases and whatnot so i was just wondering what drove the decision to increase that


In addition, this call includes only information available to us at this time. To the extent you are listening to this call at a later date via replay, please note this information may be outdated or incomplete.

in addition this call includes only information available to us at this time to the extent you are listening to this call at a later date via replay please note this information may be outdated or incomplete


and, frankly, acquiring a lot of digital capabilities. Who are you competing against when -- against your book of business on the digital front?

and frankly acquiring a lot of digital capabilities who are you competing against when -- against your book of business on the digital front


being able to do the Deeprock thing is when that got built as part of -- Deeprock really got built because of Pony Express. But when it got built,

being able to do the deep rock thing is when that got built as part of -- deep rock really got built because of pony express but when it got built


We continue to successfully execute on our growth drivers and deliver the high level of profitability we've seen since completing our initial public offering last summer.

we continue to successfully execute on our growth drivers and deliver the high level of profitability we've seen since completing our initial public offering last summer


We saw a mid-teens RevPAR growth in Eastern Europe on strong corporate and leisure demand, while RevPAR in Turkey and France continued to rebound.

we saw mid-teens revpar growth in eastern europe on strong corporate and leisure demand while revpar in turkey and france continued to rebound


was driven by contributions from our Phase 1 Collins growth project coming fully on revenue during 2017. Fourth quarter revenue

was driven by contributions from our phase i collins growth project coming fully on revenue during 2017 fourth quarter revenue


to be materially different from any future results or performance expressed or implied in this presentation. You should not place undue reliance on these forward-looking statements.

to be materially different from any future results or performance expressed or implied in this presentation you should not place undue reliance on these forward-looking statements


In fact, this quarter's U.S. underwriting income was one of the best in the history of the company. Now let me briefly comment on each of our operating segments.

in fact this quarter's u s underwriting income was one of the best in the history of the company now let me briefly comment on each of our operating segments


do more machining, more advanced surface treatment and working closer with the customers to make more specialized products where the value-add is higher.

do more machining more advanced surface treatment and working closer with the customers to make more specialized products where the value add is higher


including Reckitt Benckiser. Our relationship with RB has deepened beyond consumer insights and expanded into an engagement that is focused on measurement, strategy and technology.

including rekabet van keizer our relationship with rb has deepened beyond consumer insights and expanded into an engagement that is focused on measurement strategy and technology


with a strategic value that medical innovation offers to our core businesses in the 6 areas where we do have most of our cases.

with the strategic value that medical innovation offers to our core businesses in the 6 areas where we do have most of our cases


Yes. So a couple of comments. First of all, we -- as we've talked about on previous calls, we feel very good about the momentum and progress in the mobile business. If you recall, last year, we announced

yes so a couple of comments first of all we -- as we've talked about on previous calls we feel very good about the momentum and progress in the mobile business if you recall last year we announced


businesses. We've got our teams talking to those guests. We are pinging them where we can through social digital media. So it's really a much more aggressive outreach targeted

businesses we've got our teams talking to those guests we're pinging them where we can through social digital media so it's really a much more aggressive outreach targeted


With respect to Xcede, our Board and management, along with our development partner, Cook Biotech, continued to believe in the value of this product and opportunity.

with respect to xcede our board and management along with our development partner cook biotech continue to believe in the value of this product and opportunity


Combined with the dosing schedule that is the most convenient of any biologic in this indication, the entire package makes guselkumab look like a very attractive drug in our opinion.

combined with a dosing schedule that is the most convenient of any biologic in this indication the entire package makes guselkumab look like a very attractive drug in our opinion


So that's a function of the capacity came in early in the quarter, you've utilized it, you stepped up, you're up at level most of the quarter and we're waiting for the next slug of

so that's a function of the capacity came in early in the quarter you utilized it you stepped up you're up at that level most of the quarter and we're waiting for the next slug of


which resulted in an IRR on our investment of over 11%. As we look forward, we are confident that through our multiple origination engines,

which resulted in an irr on our investment of over 11% as we look forward we are confident that through our multiple origination engines


As far as things that are distinctive and different, I would point to a couple of aspects. One, obviously we are doing China

as far as things that are distinctive and different i would point to a couple of aspects one obviously we are doing china


In truth, right now, we don't have a lot of time to go market it to our customers, but it's available, and it's about to get some profile with yet another partner being brought in.

in truth right now we don't have a lot of time to go market it to our customers but it's available and it's about to get some profile with yet another partner being brought in


understand that they are making a commitment publicly to the use of ReposiTrak to improve their compliance standing.

understand that they are making a commitment publicly to the use of repositrack to improve their compliance standing


We would expect a similar opportunity with other new products and product extensions, such as our compliance products and our Jackpot Xpress product.

we would expect a similar opportunity with other new products and product extensions such as our compliance products and our jackpot express product


And once you lose that advantage, that may be -- that may have an impact on your numbers in the future. I'm just trying to understand

and once you lose that advantage that may be -- that may have an impact on your numbers in the future i'm just trying to understand


And we make good on that promise. So I think there's a real opportunity to be much more visible on why you want to be connected to this brand, why you believe in this brand.

and we make good on that promise so i think there's a real opportunity to be much more visible on why you want to be connected to this brand why you believe in this brand


We are assessing which areas will provide the quickest return on our investment and that result in additional long-term growth opportunities.

we are assessing which areas will provide the quickest return on our investment and a result in additional long-term growth opportunities


primarily as a result of the effect of the previous year's most significant upward movement in share price, and its effect on the carrying value of the liability classified award plans.

primarily as a result of the effect of the previous year's most significant upward movement in share price and its effect on the carrying value of the liability classified to award plans


the decline in new students is due to a shift in starts of students in the prior year from the September to January session due to Hurricanes Irma and Maria.

the decline in new students is due to a shift in starts of students in the prior year from the september to january session due to hurricanes irma and maria


I think there a lot of opportunities, and I think that, as we've said so many times, having the footprint and the diverse assets that we have is a big plus in

well i think there are a lot of opportunities and i think that as we said so many times having the footprint and the diverse assets that we have is a big plus and


which is viewed as a new computing platform and that Himax remains a critical partner to the customer in its AR efforts.

which is viewed as a new computing platform and that himax remains a critical partner to the customer in these ar efforts


coupled with spread tightening, is offsetting the increased cost of debt and supporting a robust acquisitions market, which should continue to drive financing volumes going forward.

coupled with spread tightening is offsetting the increased cost of debt and supporting a robust acquisitions market which should continue to drive financing volumes going forward


And then the third one is probably really for Chris. Just to understand a little bit more about this initiative to get some of the performance up on the underperforming stores.

and then the third one is probably really for chris just to understand a little bit more about this initiative to get some of the performance up on the underperforming stores


We saw relatively high spot prices at the back end of 2015. And I'm just trying to get a sense of whether we can still see some of the strength coming through in the current quarter.

we saw relatively high spot prices at the back end of 2015 and i'm just trying to get a sense of whether we can still see some of the strength coming through in the current quarter


Partly offsetting the higher irrigation sales was a 4% decrease in usage per residential customer, as cooling and heating degree days were lower in the second quarter this year.

partly offsetting the higher irrigation sales was a 4% decrease in usage per residential customer as cooling and heating degree days were lower in the second quarter this year


does some kind of normalization. The last two winters have been much warmer than normal. So to keep going back to normal seems like you're banging your head against the wall.

that's some kind of normalization the last 2 winters have been much warmer than normal so to keep going back to normal seems like you're banging your head against the wall


Back to you, Jim. Thanks. In summary, we continue to focus on successful execution of our initiatives that drive value for our customers and our shareholders,

back to you jim thanks in summary we continue to focus on successful execution of our initiatives that drive value for our customers and our shareholders


We're also looking into making things smoother and connecting our multiple -- our domestic and our global collaterals so clients can easily and seamlessly move collateral

we're also looking into making things smoother and connecting our multiple -- our domestic and our global collateral so clients can easily and seamlessly move collateral


I'd make an argument that we should have a lower cost of financing based on the amount of assets that we pledged against that. The only other data point that might be useful for you is

i'd make an argument that we should have a lower cost of financing based on the amount of assets that we've pledged against that the only other data point that might be useful for you is


With nearly 300 systems installed in Japan, the level of system expansion over the year or so -- over the next year or so is difficult to predict.

with nearly 300 systems installed in japan the level of system expansion over the year or so -- over the next year or so is difficult to predict


the difference could be in evaluation of the business results of our company could be added up to the ordinary results.

the difference could be in evaluation of the business result of our company could be added up to the the ordinary result


As demonstrated in the past, Rollins has long distinguished itself, acquisition wise, by retaining key management, which helps us improve the overall business.

as demonstrated in the past rollins has long distinguished itself acquisition-wise by retaining key management which helps us improve the overall business


a generally weak Canadian economy, a strong U.S. dollar and a very warm weather last winter that significantly impacted our ski resort operators who are key customers of ours in the wintertime.

a generally weak canadian economy a strong u s dollar and the very warm weather last winter that significantly impacted our ski resort operators who are key customers of ours in the wintertime


And transforming our business in terms of production. A couple of weeks ago, those of you who look at these things very closely will have spotted us announcing

and transforming our business in terms of production a couple of weeks ago those of you who look at these things very closely will have spotted us announcing


every device and every user that you want to reach, every customer, and that means you have to go wherever your systems are, on-prem, on mobile devices, everywhere. And so we are

every device and every user that you want to reach every customer and that means you have to go wherever your systems are on-prem on mobile devices everywhere and so we are


and we are committed to increasing the velocity of innovation at Starbucks in each of these areas, as they are all key determinants of customer and brand relevance today.

and we are committed to increasing the velocity of innovation at starbucks in each of these areas as they are all key determinants of customer and brand relevance today


We have engaged an independent consulting firm to assist us with the sales transformation effort. This firm has deep experience in working with companies to improve revenue drivers,

we have engaged an independent consulting firm to assist us with this sales transformation effort this firm has deep experience in working with companies to improve revenue drivers


For pilot development, we are also evaluating a long-term framework beyond our group to address a pilot shortage facing the airline industry in Japan.

for pilot development we are also evaluating a long-term framework beyond our group to address a pilot shortage facing the airline industry in japan


pretty dramatic increases in that, what has helped us and offset some of that decline on the BQ side has been the move into Corporates, which has been a successful launch for us.

pretty dramatic increases in that what has helped us and offset some of that decline on the bq side has been the move into corporates which has been a successful launch for us


Thank you for joining us today as we discuss our third quarter results and update you on our advancing immuno-oncology programs and other corporate matters.

thank you for joining us today as we discuss our third quarter results and update you on our advancing immuno-oncology programs and other corporate matters


reflecting salary and benefits inflation and increases to incentive and workers' compensation accruals. Of our benefits, employee medical cost trends are the most concerning,

reflecting salary and benefits inflation and increases to incentive and workers' compensation accruals of our benefits employee medical cost trends are the most concerning


Throughout the region, we continue to actively manage our costs to drive efficiencies and offset inflationary pressures. And we continue to look at optimization opportunities.

throughout the region we continue to actively manage our costs to drive efficiencies and offset inflationary pressures and we continue to look at optimization opportunities


Refer to the Investors link under the Corporate section of our homepage. A transcript and recording of this call and the supporting slides will be available on our website for future reference.

refer to the investors link under the corporate section of our homepage the transcript and recording of this call and the supporting slides will be available on our website for future reference


which exceeded our expectations for the business, primarily due to colder weather in Western Canada and higher than anticipated activity in the oilfield and construction businesses.

which exceeded our expectations for the business primarily due to colder weather in western canada and higher than anticipated activity in the oil field and construction businesses


and we continue to make progress on freight and warehousing costs experienced in fiscal '18. We divested our household business, which is positive to our financial profile

and we continue to make progress on freight and warehousing costs experienced in fiscal '18 we divested our household business which is positive to our financial profile


And once we have the permit, this is going to sound a little funny, once we have our permit for our safety deal for fire,

and once we have the permit this is going to sound a little funny once we have our permit for our safety deal for fire


a strong visibility to it, but we're doing the other things to make it so that you can run this thing. And

a strong visibility to it but we're doing the other things to make it so that you can run this thing and


So that is real and tangible. The fact that I can go put my finger on our 4 problem sites that are not really hitting on all cylinders is encouraging to me.

so that is real and tangible the fact that i can go put my finger on our 4 problem sites that are not really hitting on all cylinders is encouraging to me


We expect sales to normalize over the balance of the year, though we do not expect the sales -- lower sales achieved in Q1 will be made up over the course of the year.

we expect sales to normalize over the balance of the year though we do not expect the sales -- lower sales achieved in q1 will be made up over the course of the year